Good points. Also notable is that the company that raised the issue of their non-drivable Nikola One has a significant short position on their stock - so any negatives they can raise about Nikola helps them.Nikola's larger point is that the functionality of the Nikola One truck is irrelevant because the company now indisputably has a functional prototype of the truck's successor, the Nikola Two. The hype around the Nikola One helped Nikola raise funds that it then used to pay more experienced companies, including Bosch and Iveco, to help it design and build its subsequent vehicles. This strategy culminated with last week's announcement that GM will build Nikola's Badger pickup truck.
Nikola's fortunes are now tied to the success of the Nikola Two, Badger, and other products. If those products are successful, it probably won't matter that the Nikola One was never drivable.“
They got him because he did not have the money (or at least could/would not provide them the info). He had entered into preliminary negotiations with the Saudi Arabia sovereign fund, but no deal or terms were agreed upon.As we all know Elon Musk got slammed by the SEC for saying that he had to money to take Tesla private at 420 a share. I never did figure out how they got him because he did have the money. Essentially he basically gave them the finger and went on with business as usual. Gotta admire the man.
He did not personally have the money and said it was coming from the Saudis (before he said he was also exploring other sources to raise the money for taking it private)He did have the money. His net worth at the time was multiples of what was required. Where did he get the 40 million to pay the fines? He just threw it in the SEC's face, observed that it didn't matter to him one whit that he had to resign as chairman of the board as he controlled the board via his majority stock ownership position and resumed business as usual. That's what I admire.